Equitable Health Access Initiative (EHAI) is seeking a reliable insurance company that will provide a comprehensive and reliable insurance solution that covers all aspects of a Clinical Trial process. Ensuring EHAI is fully protected against potential risks, damages, and legal issues, associated to the trial process of our project.
Medical clinical trials are vital to the advancement of medical research, contributing to the development of new treatments, drugs, and therapies. However, participants in these trials face various risks, from minor side effects to unforeseen complications. To mitigate these risks and provide financial protection, clinical trial insurance plays a crucial role. We need a coverage that protects both participants and sponsors from the financial consequences of adverse events or injuries that may occur during the trial.
SCOPE OF COVERAGE
The required coverage must provide financial protection for the risks associated with clinical trials. It should be designed to compensate participants who may suffer injury, illness, or even death as a result of their participation, while also safeguarding trial sponsors—such as pharmaceutical companies, academic institutions, and contract research organizations (CROs)—against legal liabilities or claims arising from the trial.
Key aspects of the coverage include:
1. Risk to Participants: Despite being carefully designed and monitored, clinical trials carry inherent risks. Adverse reactions to new drugs or treatments, as well as unforeseen complications, can harm participants. Without adequate insurance, these individuals may face significant financial and medical burdens.
2. Ethical and Legal Responsibility: Clinical trials are governed by strict ethical and legal standards to ensure the safety and well-being of participants. In many jurisdictions, insurance coverage is required as a safeguard to ensure that sponsors and researchers are financially accountable for any harm caused by the trial.
3. Financial Protection for Sponsors: Sponsors investing in clinical trials must mitigate potential financial risks, including lawsuits or unexpected liabilities. Insurance coverage ensures sponsors are protected from large financial claims or regulatory fines due to trial-related injuries.
MODE OF APPLICATION
If your organization can provide these services, kindly send your quotations to our broker SBG Insurance Brokers via judith.ajibola@sbginsurancebrokers.com on or before the 25th of March 2025.